Jun 12, 2023 | Blog, Contributing to Super, Featured, Superannuation, Superannuation Tax
The excess Concessional Contribution Charge (ECCC) is an additional tax payable by an individual resulting from the fact that they will be paying income tax later than when it would have been ordinarily due. Let’s rewind. When a person earns income, they are...
May 25, 2023 | Blog, Contributing to Super, Superannuation, Superannuation Tax
Tax on Superannuation Contributions are determined by the type of contribution being made. The two type of superannuation contributions are ‘Non Concessional’ contributions and ‘Concessional’ contributions. A Non Concessional contribution is a...
Jul 6, 2021 | Blog, Contributing to Super, Superannuation, Superannuation Tax
There are a number of risks and disadvantages of salary sacrificing into superannuation. Understanding the disadvantages of salary sacrifice is important before using this strategy to save towards retirement. The risks and disadvantages associated with a salary...
Dec 8, 2020 | Blog, Contributing to Super, Superannuation
The maximum superannuation contribution base refers to the quarterly wage earned by an employee that the employer is required to pay Mandatory Superannuation Guarantee (SG) payments on. The Superannuation Guarantee Levy is the compulsory superannuation contribution...
Jun 3, 2019 | Blog, Contributing to Super, Featured, Superannuation, Superannuation Tax
Excess superannuation contributions tax is payable on contributions that exceed the Non-Concessional Contributions Cap or the Concessional Contributions Cap. The rate of Excess Contributions Tax that is payable on Excess Contributions is dependent on the type of...
Mar 5, 2019 | Accessing Superannuation, Blog, Contributing to Super, Retirement Income Streams, Superannuation, Superannuation Tax
What are the superannuation rules for individuals aged over 65? This covers accessing superannuation rules for people over aged 65, as well as contribution rules for people aged over 65. Age 65 is a significant age in relation to superannuation both in terms of...
Dec 18, 2018 | Blog, Contributing to Super, Superannuation, Superannuation Tax
The SGC contribution cap can refer to the concessional contribution cap or the SGC maximum contribution base. Either way, both SGC contribution caps will be addressed below. The SGC contribution caps are important because they determine the level of SGC...
Nov 21, 2018 | Blog, Contributing to Super, SMSF, Superannuation, Superannuation Tax
The definition of a concessional contribution is a contribution made to superannuation where a tax deduction has been claimed in respect of the contribution. The level of concessional contributions that can be made into your super account is limited. It is the...
Oct 4, 2018 | Blog, Contributing to Super, SMSF, Superannuation, Superannuation Tax
Is salary sacrifice concessional or non-concessional? This is an important question to determine the benefits of you making salary sacrifice contributions to superannuation and which contribution cap to count it towards. Salary sacrifice contributions to super is an...
Feb 4, 2017 | Accessing Superannuation, Blog, Contributing to Super, Retirement Income Streams, Superannuation, Superannuation Tax
There are a variety of taxes that apply to superannuation. These taxes apply in many different situations and at differing rates. This article attempts to provide you with a brief description of each tax and how it may apply. The main idea of superannuation is to...